BRITISH FINANCE

Gisborne Times, Volume LXXIII, Issue 11835, 4 January 1933, Page 2

BRITISH FINANCE

NATIONAL BALANCE SHEET. INCREASED CUSTOMS. (British Official Wireless.) RUGBY, Jan. 2. Details of the national balance sheet up to and moulding the third quarter of the financial year show that out of £706,800,000 of ordinary revenue estimated to bo received in a full year £404,332,000 has, so far, come to hand—an increase of £B,790,300 over the income up to this time last year.

The expenditure, which has been reckoned at £787,431,000 for 12 months, has, including the sinking fund allocation of £14,391,000, so far reached £580,440,000. Including the war debt payment of £19,500,000 in gold made to the United States on December 15, and which in sterling required £28,956,300, the total ol' the outgoings was £609,000,000. This gives a deficit on the period of £204,668,000. This compares with an excess of expenditure over revenue for the corresponding period of 1931. of £203,752,903.' As nearly three-fourths of the annual yield of income tax and surtax is received in the March quarter, a large excess of expenditure over revenue is always shown at. December 31.

Disregarding the sinking fund and war debt payment, the ordinary revenue rose during the nine months by. £9,790,323, while the expenditure receded by £9,207,423. 1 An interesting feature of the nine months’ revenue returns lies in the increased yield of customs and excise evenubs. The tariff has introduced now revenue and so far customs and. excise revenues have yielded £29,699,000, against an estimated yield for this financial year of £44,000,000. ) The sum of £1,500,000 has been raised from special duties imposed on the Irish Free State imports as a means of collecting moneys as from the Free State din connection with land annuities payments withheld by the Free State. ~ Death Duties--also show a big increase of £8,39Q,00P over- last' year’s figures, and so far have yielded £55,780,000, against the estimated yield for the full, year of £77,000,000,